In November 2021, El Salvador's president Nayib Bukele stood before a crowd of rapt crypto enthusiasts, promising to transform the country into a Bitcoin paradise. While many of his bolder plans—such as a billion-dollar Bitcoin-backed bond and a brand-new crypto city—have yet to materialize, Bukele can celebrate one aspect of his plans: the Bitcoin El Salvador amassed during his tenure recently soared to over $550 million, according to one open-source tracker.
While other nation-states have yet to venture into the volatile gamble of crypto holdings, another tiny nation—Bhutan—has also seen its wager pay off, with government-associated wallets tracked by the blockchain analytics firm Arkham soaring past $1 billion, representing more than one-third of the country's gross domestic product.
